ILOILO CITY – The Cooperative Development Authority (CDA) has reported that Western Visayas is home to two billionaire cooperatives based in Antique, among the 2,012 cooperatives registered in the region. This development underscores the vitality of cooperativism in Western Visayas.
During the Kapihan sa Bagong Pilipinas public briefing, CDA Regional Director Antonio Escobar stated that the Barbaza and Bugasong Multi-Purpose Cooperatives are classified as billionaires in terms of their assets.
“Barbaza Multi-Purpose Cooperative holds the top position in Region 6 with assets amounting to approximately PHP3 billion and continues to grow. The Bugasong Multi-Purpose Cooperative exhibits a similar, though slightly lower, financial standing,” he remarked.
Director Escobar highlighted that both cooperatives have surpassed the thresholds for micro (PHP3 million and below), small (PHP3 million to PHP15 million), medium (PHP15 million to PHP100 million), and large (more than PHP100 million) categories.
He also noted that the successful cooperatives in Antique have roots in the church, with the Mill Hill Missionaries serving as a common foundation, and some have been in operation for nearly 50 years.
“They are church-based. The foundation is robust due to the integration of religious and value formation. The leadership of these cooperatives is comprised largely of educated individuals, many of whom hail from the teaching profession,” he added.
Escobar further indicated that approximately 72 percent of the registered cooperatives fall within the micro and small categories.
He emphasized that participation in a cooperative should be viewed as a way of life rather than a mere financial endeavor. “We do not perceive this as a business model. Rather, we advocate for cooperatives to be seen as a means of life. It is not solely about conducting business but primarily about addressing the needs of the members. In cooperatives, service is prioritized over profit,” Escobar asserted.
Nonetheless, CDA data reveals that, out of the over 2,000 cooperatives in the region, only 644 are compliant as of the end of 2023.
These cooperatives collectively serve 879,210 members, of whom 537,486 are female.